'Ferrari to sign up, Toyota to quit'

Ferrari and the other FOTA members, barring Toyota, are all expected to sign up for next year's Championship by the close of play today.
The teams have until today, Friday 29th May, to sign up for the 2010 Formula One season after Max Mosley pushed forward the deadline.
However, in the build-up to D-Day there has been a great deal of political tension between the teams and Mosley as the FIA President put into place plans to introduce a budget cap and two-tier regulations that would favour those agreeing to the cap.
This resulted in some of the teams; Ferrari, Renault, Red Bull, Toro Rosso and Toyota; threatening to quit the sport.
But after weeks of wrangling, the two parties have reportedly agreed to a £85m restriction in 2010 with the cap dropping to £40m the following season. There will also be one set of regulations for all teams while the existing teams have undertaken to help out any new entrants by supplying cheap parts and technical expertise.
"We are not meant to say anything, but you can expect Ferrari and the others to sign up," an insider told the Daily Mail.
Meanwhile, the Telegraph is reporting that Ferrari's 'entry will be conditional on the response of the FIA, the sport's governing body, to a proposal submitted this morning by the Formula One Teams Association. The proposal will demand assurances regarding the stability, governance and rule-making within the sport.'
But while Ferrari are expected to sign up, one team that reportedly won't is Toyota as the Japanese manufacturer is believed to be pulling out of Formula One at the end of the season.
'As for Toyota, they are looking for an elegant exit. Their Formula One project has failed to deliver fruit, despite annual expenditure of around £300m,' claimed the Daily Mail.
'With their fellow Japanese manufacturers Honda having withdrawn last December, they can depart without too much embarrassment at home. Grand prix racing can live without them, if not Ferrari.'
The FIA will announce the names of next season's participants on June 12.